Prabhuji Online Raises Pre-Series A Funding
The company plans to expand into providing panditji services to home, organizing devotional singers as well as religious and spiritual tourism very soon
Technology-enabled subscription commerce company Prabhuji Online on Wednesday has raised an undisclosed amount of funds in pre-series A round from Singapore and India-based marquee angel investors. Prabhuji Online is into daily hyper local delivery of fresh flowers and Pooja Samagri.
The company plans to expand into providing panditji services to home, organizing devotional singers as well as religious and spiritual tourism very soon. Prabhuji Online till now has completed more than 3 million successful deliveries in Kolkata to its customers as it delivers everyday essentials for their religious and spiritual needs during its entire journey so far.
Prabhuji Online was conceptualized as e-retail to establish a connection amongst the fast-moving consumers and products/services available in a very structured and organized manner.
"This is a really strategic investment for us as we have got some exceptional investors on board who will bring a lot of value to the company with their rich experience. Our ethos is to reach out to every household of Bharat. We will now expand our footprint to different cities like Raipur, Delhi and Jaipur in 2021 as our immediate plan of execution. Despite the COVID pandemic, we still have been able to serve the daily spiritual and devotional needs of our customers and it's a great achievement for my team. We have been growing continuously despite major disruptions and supply chain challenges during the entire COVID period of last 16 months. Our supplies were hampered, procurement from farmers was badly affected, transportation was not allowed but we didn't stop and managed everything. Our customers have been the biggest support and we are determined to serve them daily for their religious and spiritual needs. This market can grow 70-80 percent year on year for next 5-6 years as there is massive increase in believers during this period," said Manishpal Singh, co-founder and chief executive officer, Prabhuji Online.
Prabhuji Online is focused on local innovation into supply chain, direct procurement from farmers and empowers women workers majorly. 85% of the work force is women and the company is determined towards women empowerment. The company will also directly procure from farmers and ensure quick payments to them.
"We are confident that our association will power Prabhuji Online to scale greater heights in the near future," shared Rahul Tayal who has joined the board as director and will look after the marketing and branding strategy part of the business.
Prabhuji Online had previously raised a Seed round from famous angel investors like Ujjwal Deepak and Anshul Dave. Ujjwal Deepak also participated in the current round and increased his stake.
"Startup investing is all about backing the right founding team and an idea which is scalable and profitable," added Ujjwal Deepak.
"Prabhuji Online is focused on frugal innovation and design thinking into their operations especially the daily delivery operations. Prabhuji Online is a perfect blend of technology meets Smart Bhartiya Innovation," stated Anshul Dave who is an active angel investor with more than 25 investments to his portfolio.
It's a booming industry with most players being more regionally focused and unorganised with no online presence. The estimated market size of the religious industry is estimated of 2.5 lakh crores. 95 per cent of the Industry is unorganised and is ready for disruption by the use of digital channel because of increase in disposable income, ease of ordering and efficient delivery. Outsourcing in this sector will ensure quality and time efficiency in saving the existence of rituals and culture.